DNA REALTY GROUP's Blog
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If you’re in the market to buy a home, you’re probably learning many new vocabulary words. Pre-approved and pre-qualified are some buzz words that you’ll need to know. There’s a big difference in the two and how each can help you in the home buying process, so you’ll want to educate yourself. With the proper preparation and knowledge, the home buying process will be much easier for you.
This is actually the initial step that you should take in the home buying process. Being pre-qualified allows your lender to get some key information from you. Make no mistake that getting pre-qualified is not the same thing as getting pre-approved.
The qualification process allows you to understand how much house you’ll be able to afford. Your lender will look at your income, assets, and general financial picture. There’s not a whole lot of information that your lender actually needs to get you pre-qualified. Many buyers make the mistake of interchanging the words qualified and approval. They think that once they have been pre-qualified, they have been approved for a certain amount as well. Since the pre-qualification process isn’t as in-depth, you could be “qualified” to buy a home that you actually can’t afford once you dig a bit deeper into your financial situation.
Getting pre-approved requires a bit more work on your part. You’ll need to provide your lender with a host of information including income statements, bank account statements, assets, and more. Your lender will take a look at your credit history and credit score. All of these numbers will go into a formula and help your lender determine a safe amount of money that you’ll be able to borrow for a house. Things like your credit score and credit history will have an impact on the type of interest rate that you’ll get for the home. The better your credit score, the better the interest rate will be that you’re offered. Being pre-approved will also be a big help to you when you decide to put an offer in on a home since you’ll be seen as a buyer who is serious and dependable.
Things To Think About
Although getting pre-qualified is fairly simple, it’s a good step to take to understand your finances and the home buying process. Don’t take the pre-qualification numbers as set in stone, just simply use them as a guide.
Do some investigating on your own before you reach the pre-approval stage. Look at your income, debts, and expenses. See if there is anything that can be paid down before you take the leap to the next step. Check your credit report and be sure that there aren’t any errors on the report that need to be remedied. Finally, look at your credit score and see if there’s anything that you can do better such as make more consistent on-time payments or pay down debt for a more desirable debt-to-income ratio.
When a loved one needs a bit more help to get around the house, whether they have simple physical limitations or rely on the use of a wheelchair, you’re going to need to make some major changes both inside and outside the home. You may be overwhelmed with the idea that you need to overhaul your entire home in order to make suitable accommodations. The good news is that you can boost safety around the property and make your home easier for you or loved ones to get around without huge renovation projects that will take months at a time. Below, you’ll find some of the most important projects that will need to be completed in order to make a home handicap accessible as well as safe and healthy.
Check The Doorways
If wheelchair use is part of the accommodation, you’ll need to check the width of the doorways. Some doorways may need to be modified in order for wheelchairs to move freely about the home. Widening doorways can cost anywhere between $500-$1,000 to complete depending on where the throughway is in the home.
Adjust The Showers
The safest way to make a shower handicap accessible to is make it a walk in tub or a wheelchair accessible tub. Depending upon the extent of the accommodations that are needed, you can go a cheaper route and install a bench seat in an existing shower. Hand rails can also be added to the tub for extra safety.
Think Of The Entire Bathroom
The simple addition of grab bars can make a big difference in the safety of a bathroom. Make sure that the bars are installed in easy to reach places. Also any supplies that are needed in the bathroom like soaps, shampoos, and toothpaste should be easy to reach. A toilet riser can also be considered to help people who have issues bending down in order to make the toilet easier to use.
Don’t Forget The Kitchen
The kitchen should be a place where accommodations for handicap individuals are definitely present. First, all supplies should be easy to reach. Next, appliances should be adjusted accordingly. Grab bars should also be installed in the kitchen to make safety a priority and accessibility easy.
Whether or not a disabled person uses a wheelchair, installing a ramp can make a huge difference in the home for a disabled individual. Converting stairways to ramps actually isn’t as expensive as you might think it would be, with costs starting at just $100 for a basic ramp. Custom ramps can run a bit more expensive- as much as $1,000. These make it easier for disabled people to get in and out of the home or around the inside of the home with ease. The total cost can vary based on the size of the ramp and the type of materials being used.
Mind The Floors
To make a home handicap accessible, thick carpets should be removed. Any types of flooring that make it hard to maneuver a wheelchair or walker should be modified.